I would say, you may be able to get lower rates than mid 8s as my lenders are high 7s for a similar scenario but you may be tripping over dimes to save nickels. 

But $40k is way, way too high a price.

There are huge numbers of jobs here that pay $25 an hour, which based off a 40 hour work week, make tenants qualified for a $1,350 a month apartment.

ThanksDanb Hey Dan, To help in your search:be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise.

In short, it may be more valuable to pursue areas where the cash flow isn't as strong on paper because it's made up for in other problems you avoid with properties in areas that cash flow well on paper at first but suffer from high turnover, a high level of vacant properties nearby, etc.- Check up frequently on the property and conduct walk throughs as allowed by your lease agreement.- Hire a solid property manager who gets paid to keep tabs on the property for you. 

If you're looking for a market that has landlord friendly laws and high growth potential, I would go with Columbus, OH.

High BP, I’m very new yet have had years of credit cards, building credit and working on consolidation. 

The vale of depreciation on property as well as business loss are capped if you have high W2.  

Are you happy with the return on that investment and do you think it will continue to appreciate (highly dependent on where you are at in the Bay Area)?

Currently have a single family with apartment in basement I’m buying with shared utilities